Company Formation and Registration Services in Mongolia
A properly registered company is essential for doing business in the up-and-coming market of Mongolia. Without a locally registered company in Mongolia you will not be able to operate in country as efficiently as those actually located here. Mongolian bureaucratic regulations can be quite burdensome and it can be difficult getting the relevant agencies to disclose information regarding forming a new company. The correct initial set up of your company in Mongolia will allow you to begin fully operating without the worries of encountering problems in the future due to improper registration.
ICMC registers the following entities in Mongolia:
- Limited liability company
- Joint stock company
- Non-governmental organization
- Representative Office
About Our Registration Services
ICMC has formed over 50 companies since we began operating, in sectors ranging from education to the medical fields. We are particularly excited to be working with mining companies and mining contractors, one of the cornerstone industries of the Mongolian economy. ICMC staff has the experience and knowledge to properly and efficiently register your company.
We have worked with companies in the following fields:
- Mining companies and mining contractors
- Mining support services
- Financial institutions
- Multi-national aid agencies and non-governmental organizations
- Educational institutions
The benefits of having us register your company:
- Proper and accurate registration
- More efficient process without major/unnecessary hurdles
- Effective navigation through the relevant agencies, saving you time and money
The Registration Process
The registration of a newly formed foreign-invested company (a company with at least 25% foreign ownership) in Mongolia takes place at two governmental agencies, the Foreign Investment and Foreign Trade Agency (FIFTA) and the State Registration Agency (SRO).
We estimate registration to take three to four weeks, once ICMC receives all of the necessary documents. Once the company stamp has been issued, the company is fully formed and is able to fully operate in Mongolia.
The first step in forming a new company in Mongolia is registering a name with SRO. This can be a difficult process; therefore we suggest clients submit a list of four to five alternative names. Once SRO has granted name approval ICMC will open a US dollar bank account in the company’s name at a reputable local bank (currently there are no international banks operating in Mongolia). The required capital fund of USD100,000 will be deposited into this account. The capital fund must remain in the account until registration has been completed.
Company registration begins at FIFTA. Once FIFTA registration has been completed the process continues at SRO. Both agencies will issue certificates that must be renewed annually in order to maintain compliance with the Mongolian Company Law. After the SRO certificate has been issued a company stamp will be made. The company stamp is crucial as all official company documents, from banking slips to financial statements, must be stamped with the company stamp.
Special Licenses
If your company will be performing business activities for which special licenses are needed, e.g. minerals mining and exploration, ICMC can assist with obtaining the necessary licenses.
Contact Us for More Information
For additional information about company registration, please see the Frequently Asked Questions (FAQ) page. You can also contact us directly at info@icmc-mongolia.net or via our contact form.